Embracing nepotism: wealth manager starts training programme specifically for the sons and daughters of its partners

Nepotism isn't unheard of in the allocation of graduate places and internships in investment banks. Despite claims of meritocracy, some banks will sometimes hand some of their student jobs to the sons and daughters of their clients or existing staff.

Wealth management firm St James' Place has gone one step further: it has launched the 'Next Generation Academy' specifically to train up the sons and daughters of its partners. The new academy will launch in October and will offer the fortunate progeny two years of intensive training.

Adrian Batchelor, director of the Academy says the Next Generation Academy has been set up for two reasons: "Firstly, they [sons and daughters] know it works... Secondly clients appreciate the maintenance of a long term relationship with their wealth manager or a member of their family."

It's not clear whether the new trainees will be subject to any screening. Partners at St James's Place are self-employed, which makes the deliberate promotion of their offspring a little more acceptable than in a large investment bank.